Intel has struck a deal with the German government to invest more than €30bn ($32.8bn) in a chip plant in the eastern city of Magdeburg, with the German government pledging to cover a third of the total costs. The agreement was signed during a meeting between Intel CEO Pat Gelsinger and German Chancellor Olaf Scholz in Berlin. Intel purchased the land for two factories in November last year and expects the first facility to start production in four or five years. The Silicon Junction scheme in Magdeburg is one of several Intel chip-related projects across Europe. The plan will need approval from the European Union’s executive branch to ensure the deal doesn’t provide Intel with an unfair advantage.
Intel to Build $33 Billion Chip Plant in Germany with Government Funding
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